Student Credit Cards

Student credit cards may have high interest rates, and there also may be an annual fee to pay. Beyond this, however, be aware that the credit card company can raise your interest rates if you are late on even one payment. Student credit cards should be used as a last resort if you need to buy a computer for school, and have a steady job, or other regular income to pay off the credit card in full within a few months. You can get a free credit report online, or check your credit score at one of the 'Big 3' Credit Bureaus, Transunion, Experian, or Equifax.

Secured Credit Card application:

Build your credit with a secured credit card for students. There are no application fees or activation fees, and the credit line varies, from $300-$4,900. Your maximum credit line is based on your income as well as the amount of your security deposit. Given that you make the minimum payment monthly, your credit history and credit card account information will be shared with all three major credit bureaus. After 12 months, your security deposit may be returned if your payment history has been excellent. Apply now for a secured credit card from Bank of America, or an American Express credit card
. You can improve your credit score dramatically by securing credit cards, and then simply not using your credit line. Your credit score is a ratio of your total available credit to the amount of debt that you carry. For example, if you get more credit cards, and don't use the credit, your available credit has increased, but your debt load has remained constant. Banks and credit unions naturally offer the easiest credit to the borrowers who need it least, and have strict employment and earnings requirements. You may also be asked to list your assets, or seek a co-signer, if you don't have sufficient income to qualify for a credit card on your own.

When applying for a credit card like the Wells Fargo Platinum Visa credit card, note that many cards promote no annual fee for the first year, but then hit you with a high annual fee in following years. You can also incur fees by taking out a cash advance, which is usually charged back at a higher interest rate, if not paid in full within the same billing period. You are told that you can get cash back on certain purchases, but no-one mentions that the interest charges over time may be higher in fact, than your savings. In addition, there are hidden transaction fees, and charges for using your credit card overseas. Using your credit card to buy things you don't really need, or to get cash advances, is just not smart financial planning. There are better ways to get the extra money that you need.

This website is not affiliated with any educational institution, and all trademarks are exclusive property of the respective owners. College Inspector is the work of a group of Thai students in Bangkok, using info from the US Department of Education, Postsecondary Education Data System (IPEDS). If any stats are incorrect, please contact us with the right data.